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Explorers

I want to keep my future open
In this mindset, people define success by [...] read more
Explorers

Who are they?

In this mindset, people define success by saving money and making trade offs so they can be happy and live comfortably.

  • GENDER
    Even spread
  • AGE
    Even spread
  • HOUSEHOLD TYPE
    Skews with family
  • INCOME
    Skews higher
  • Key beliefs
  • Rules and too much structure inhibit a well cultivated intuition
  • Quality of life defines success
  • Financial needs must be balanced with my other needs
  • Financial independence means they can do what they want in the future
  • Everything will ultimately be okay, so there’s no need to feel anxious
  • Key behaviors
  • Relies on gut checks to make financial decisions
  • Takes an analytical and practical approach to new situations
  • Takes care of bills and payment quickly
  • Generally prefers minimal engagement with financial services
  • Uses more list‐based systems to calibrate and judge financial status

Explorers are unlikely to switch away from their bank, providing things tick along without much effort.

Money Modes

ALL THE MODES

Good practices and cultivated intuition help Explorers feel on track. Explorers showed all money modes: “Get it”, “Manage it”, “Track it” and “Spend it”

Making decisions through gut checks
Explorers are most likely to pay their credit card balances in full

Making decisions through gut checks

Trying to decide if I should pay my auto insurance in full or month to month. [...] I like month to month so I can change my policy more easily.
— Mike S., 30
Prioritizing other needs

Prioritizing other needs

I don’t need to be called every two months asking what my goals are. My goals haven’t changed. if I had any to begin with!
— Frances S., 64
Keeping my options open

Keeping my options open

Checking on my Acorns account. It’s more of a recreational thing than a serious investment. I’m curious... to see what would happen if I switched portfolios. It’s fun!
— Justine G., 39

Explorers like low-touch services that look after themselves.

Tools

SIMPLE TOOLS

Explorers stand out in the simplicity and educational value of their tools

Simple analog tools

I write down my checking and savings balance every week or so
I write down my checking and savings balance every week or so
— Pauline G., 24
It does provide a nice reminder when I’m spending too much.
It does provide a nice reminder when I’m spending too much.
— Pauline G., 24

Keeping an eye

Personal Capital looks at my assets and compares their performance to other indices
Personal Capital looks at my assets and compares their performance to other indices
— Mike S., 30
My advisor helps keep me on track. She looks at the big picture, the apps look at the day to day.
My advisor helps keep me on track. She looks at the big picture, the apps look at the day to day.
— LaVonne W., 47

Banks have the opportunity to offer Explorers fully serviced products to fit into their lifestyle.